MSNBC: Americans are Foolishly Ignoring the Threat of a Debt Crisis
Article by Noah Rothman in MSNBC website
Upon the news this week that America’s gross national debt now exceeds $31 trillion, Jason Furman, former director of the National Economic Council under Barack Obama, told The New York Times, “We were sort of at the edge of ‘OK’ before, and we are past ‘OK’ now. The deficit path is almost certainly too high.”
The lack of concern is a luxury, and luxuries are available only to those who can afford them.
As long as interest rates were low and the U.S. dollar remained the world’s prohibitive reserve currency, Americans could afford to avoid worrying about the balance on the national credit card. But those conditions are changing, and our assumptions must change with them.
When Democrats in Congress spent the better part of the last two years spending trillions on various projects (and with every intention of spending much more), supporters of this unprecedented orgy of deficit spending argued that .......
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